11 July 2001, 09:50 Hayami - dollar/yen excessive movements will be reversed by market forces
TOKYO (AFX-ASIA) - Bank of Japan governor Masaru Hayami said that
if the dollar/yen moves in an excessive way, it will be reversed by
market forces.
"If the dollar/yen moves further excessively, it will be reversed
by market forces," Hayami said when asked about the longer-term outlook
for the currently weaker yen.
He said that the yen has fallen some 20 pct from levels seen in the
latter part of last year and that he does not properly understand why
the US unit has proved so strong.
Japan has a huge current account surplus and funds overseas, he
noted.
Hayami, speaking after a government meeting on the cabinet office
monthly economic report, said that there had been no discussion of
monetary policy at the meeting.
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